Slide 1: Ferronordic First quarter 2025
Ferronordic First quarter 2025
Slide 2: Q1 2025: Steady despite uncertainty
Q1 2025: Steady despite uncertainty Key Group and segment items: • Increased uncertainty in our markets and industry • Revenue increased by 3% to SEK 1,206m • Gross profit declined by 15%, partly due to revenue and product mix • Selling and administrative costs down, partly on cost reduction and low
Slide 3: Q1 2025 Navigating uncertainty
Our customers in the Q1 2025 US remain optimistic about the future and in Navigating uncertainty Germany we have taken • Uncertainty on tariffs and fiscal policy in the US and also in Germany measures to operate in • Despite uncertainty, the mood among our customers in the US remains an uncertain ma
Slide 4: Q1 2025 Group summary financials
Q1 2025 Group summary financials1 SEK 1,206m Group revenue +3% to SEK 1,206m (+3%) revenue • US revenue +9% to SEK 762m (+6% in USD) • German revenue -9% to SEK 402m (-8% in EUR) • Kazakhstan revenue +26% to SEK 42m (+38% in KZT) Group operating profit decreased to SEK 13m (21) SEK 13m • US operatin
Slide 5: Q1 2025 US operational highlights
Q1 2025 In Q1 2025, Ferronordic sold 71 new units, 20 US operational highlights1 used units and 30 units • In Q1 2025, the market for larger construction equipment (GPE segment) in were converted to the US declined by 5% sales from rental • In Ferronordic’s sales area, the market is estimated to hav
Slide 6: Q1 2025 Germany operational highlights
Q1 2025 New truck sales in Germany operational highlights units decreased by 6% • Market remains challenging. Government spending plans however lead to 148 units to some optimism • Based on registrations 1, the total German market for heavy trucks declined by 28% in Q1 2025. Sales of tractor trucks
Slide 7: Q1 2025 Kazakhstan operational highlights
Q1 2025 Sales of new machines in units Kazakhstan operational highlights increased to 28 (5) • In Q1 2025, the market for larger construction equipment (GPE segment) in Kazakhstan grew by an estimated 37%, from a relatively low level in Q1 2024 • Kazakhstan sees growth in the mining and construction
Slide 8: US network
US network • In November 2023 Ferronordic acquired 100% of the shares in the Rudd Equipment Company PA IL IN OH WV • Rudd is one of the largest distributors of MO KY Volvo CE as well as other strong brands such as Hitachi, Sandvik, Link-Belt Cranes and Bergmann • The company’s sales area for Volvo C
Slide 9: German network
German network Hanover Peine Barleben Coswig Dessau Northeim Nordhausen Leipzig Kassel Görschen Bautzen Dresden Bad Hersfeld Haiger Fulda Limburg Frankfurt Kirn Bingen Bergstrasse (20) Ferronordic outlets in Germany as of May 2025 9
Slide 10: Kazakh network
Kazakh network Astana Aktobe Karaganda Aschaffenburg Almaty 10 (4) Ferronordic outlets in Kazakhstan as of May 2025
Slide 11: Economic development
Economic development US economy • US down -0.3% in Q1 2025 • GDP +2.0% Y-o-Y, but -0.3% Q-o-Q in Q1 20251 and +1.6-1.8% growth expected in 20252 • Core PCE inflation at +2.6% in March 20253 • Effective Fed Funds Rate decreased from 4.48% to 4.33% in Q1 2025 German economy • Germany up -0.2% in Q1 20
Slide 12: Q1 2025 Income statement
Q1 2025 Income statement Q1 2024 Q1 2024 Q1 2024 Q1 2024 Q1 2025 Q1 2025 Q1 2025 Q1 2025 % • Total revenue up by +3% to SEK 1,206m change SEK MM o 63% US, 33% Germany and 4% KZ Kazakhstan Germany US Group Kazakhstan Germany US Group Group o 57% equipment and trucks, 37% FX (SEK/KZT, SEK/EUR, SEK/USD
Slide 13: Q1 2025 Balance sheet
Q1 2025 Balance sheet US • PP&E increased Y-o-Y mainly due to SEK MM Q1 2024 Q4 2024 Q1 2025 addition of rental fleet in the US and e-rental Q1 2025 FX SEK/EUR 11.53 11.49 10.85 fleet in Germany FX SEK/USD FX SEK/KZT 10.66 41.77 11.00 47.58 10.03 10.03 50.07 • In Kazakhstan, net working capital decr
Slide 14: Changes in presentation of US segment
Changes in presentation of US segment Q1 Q1 Q1 Q1 Y-o-Y Y-o-Y • In Q1 2025, certain revenue and SEK m 2025 2024 ADJ 2024 ADJ reported adjusted cost items were reclassified to Revenue 762 699 47 746 9% 2% align the presentation of the income statement for the US Equipment and truck sales 434 439 10 4
Slide 15: Group EBIT Y-o-Y
Group EBIT Y-o-Y 25 20 15 -12 SEKm -2 5 10 21 65 2 13 5 EBIT Q4 19 EBIT Q4 20 0 -4 EBIT Q1 2024 US Germany Kazakhstan HQ EBIT Q1 2025 15
Slide 16: Group assets by segment
Group assets by segment Split by main items and segment as at 31.03.2025 5,000 4,500 4,000 3,500 3,000 2,500 2,000 65 1,500 1,000 500 0 Real estate EBITRental Q4 19fleet Other PP&E Goodwill Inventories Trade and other Cash & EBIT Q4 20 assets* Other receivables equivalents US Germany Central Asia Gr
Slide 17: Group liabilities by segment
Group liabilities by segment Split by main items and segment as at 31.03.2025 5,000 4,500 4,000 3,500 3,000 2,500 2,000 65 1,372m SEK 1,500 1,000 500 0 EBIT Q4 19 Trade and other Bank loans VFS floor plan Lease liabilities Other liabilities* EBIT Q4NAV 20 payables US Germany Central Asia Group * Inc
Slide 18: Financial objectives and dividend policy
Financial objectives and dividend policy KPI Objective Q1 2025 LTM Double the 20241 revenue in current 1.05x Revenue markets over 5 years (in SEK) 2 x 6M 2024 revenue Operating margin Above 6% 0.3% Below 3 times Net debt / EBITDA 4.8 x (over a business cycle) The ambition is to pay at least 50% of n
Slide 19: Outlook
Outlook Despite the current uncertainty, we remain optimistic about our US business and the long-term opportunities there. Demand is supported by a dynamic economy and a significant need to upgrade the country's infrastructure. We currently have no information about major infrastructure projects in
Slide 20: IN FERRONORDIC
IN FERRONORDIC